Tribeca Building with Development Potential Lands Long-Awaited New Owner

Cushman & Wakefield sold the 13-unit development for $1,064 per square foot.

51 White St., Manhattan

New York—Cushman & Wakefield announced the sale of a five-story loft building in Manhattan’s historic Tribeca for $22 million. The buyer, a private entity identified as 51 White Street LLC, purchased the property for $22 million or roughly $1,064 per square foot in an all-cash transaction.

Cushman & Wakefield’s James Nelson together with Will Suarez and David Shalom represented the seller, R.A. Cohen & Associates, a real estate investors and hands-on property managers firm. David Friedman of Vertex Realty Group represented the buyer.

The 20,670-square-foot property was delivered vacant and includes more than 6,300 square feet of unused development rights conditioned by an approval from the Landmarks Preservation Commission.

“This property represents an excellent condo conversion opportunity given the location and the fact that it was delivered vacant. The seller preferred to capitalize on the strength in the sales market as opposed to taking on the project themselves”, said Nelson.

The property features 12.5-foot ceiling heights, over-sized windows and a sub-cellar, and amazing rooftop views of iconic sights in NYC such as Empire State Building or One World Trade Center.

Located at 51 White St., between Broadway and Church Street, the building is close to popular shopping and dining spots and is accessible via the 1 train at the Franklin Street station and the N, Q, R and 6 trains at the Canal Street station. The initial listing price was $24 million in February 2015.